Ala. Admin. Code r. 460-X-23-.09

Current through Register Vol. 42, No. 12, September 30, 2024

Section 460-X-23-.09 - Project Commencement And Completion

(1) Applicants shall commence their plan of work and shall have spent no less than twenty percent (20%) of the estimated cost of qualified rehabilitation expenditures within eighteen (18) months of the date of the issuance of the letter from the Commission granting the Tax Credit Allocation Reservation ["anniversary"]. The Applicant will notify the Commission in writing no later than thirty (30) calendar days after the anniversary that twenty percent (20%) of the estimated cost of rehabilitation was expended by the anniversary. Failure to so notify the Commission will terminate the Project and the Tax Credit Allocation Reservation will be rescinded. The Applicant may re-apply for the Program, but the Application will be considered to be a new Application.

(2) A Project's completion will be the date that it is placed in service in accordance with these regulations. The completion date must occur within the timeframe specified in Part B of the application. The Applicant shall submit Part C of the Application in accordance with these regulations and with the appropriate cost and expense certification within thirty (30) days of completion.

New Rule: Filed December 13, 2013; effective December 20, 2013.

Author: Chloe Mercer, David Schneider

Statutory Authority: Act 2013-241

The amendment to this section by Alabama Administrative Monthly Volume XXXII, Issue No. 12, September 30, 2014, file. 9/3/2014 is not yet available.